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JPMC clinches large phosphate deal with India

By Mohammad Ghazal - May 21,2014 - Last updated at May 21,2014

AMMAN — Jordan Phosphate Mines Company (JPMC) Chairman Amer Majali announced Wednesday that several deals were signed  to export about 2.5 million tonnes of phosphate to India.

The company signed agreements with the Indian Farmers Fertiliser Cooperative Limited and other Indian companies, Majali said in a statement e-mailed to The Jordan Times Wednesday.

The company will start exporting phosphate to India as of June this year for a period of one year, he added in the statement.

"The agreements were signed at best current international prices of  phosphate in international markets," Majali noted.

He expects production to reach 8.5 million tonnes this year stressing  that the marketing plan is going as scheduled, and that the company will continue to enhance its position in traditional markets as well as opening and penetrating new markets.

Majali indicated that JPMC will soon sign an agreement with an East Asian country to export 500,000 tonnes of phosphate. Details are to be revealed later.

Under strategic plans for expansion, JPMC will establish $1.5 billion worth of joint Arab and foreign ventures.

In a statement released recently, Majali said the projects are intended to gradually raise the production of phosphate by 50 per cent until 2018, of which 30 per cent will be raised by the end of this year. 

According to Majali, this year will witness a “positive” change that will be reflected on JPMC’s financial statement based on an expansion plan that will create 5,000 jobs.

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